Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Elisa Oyj Ord A — Q2 2026 Earnings Presentation
23 slides from Elisa Oyj Class A's earnings presentation, Jul 15, 2026
Slide 1: Interim Report Q2 2026
Interim Report Q2 2026 15 July 2026
Slide 2: Q2 2026 highlights
INTERIM REPORT Q2 2026 Q2 2026 highlights • Revenue flat, comparable EBITDA up by 1.4% driven by cost measures. • Telecom service revenue decreased by 0.7%. Mobile service revenue declined by 1.7%, fixed service revenue grew by 2.2%. • International software services comparable revenue increased by
Slide 3: Continued improvement in EBITDA despite lag-effect of last years competitive environment
INTERIM REPORT Q2 2026 Continued improvement in EBITDA despite lag-effect of last years competitive environment Revenue Telecom service revenue Revenue, €m YoY change, % Decrease TSR, €m YoY change,% • Mobile services • Mobile price 2,0% 4,6% 1,5% 3,6% -1,3% -0,3% • Divestment 2,2% 2,1% competition
Slide 4: Mobile KPIs returned to normalised levels
INTERIM REPORT Q2 2026 Mobile KPIs returned to normalised levels New sales prices of consumer voice subscriptions1 • New sales prices exceeded Q2 2025 level Indexed price, Q1/25 = 100 • New sales prices impact with delay and will be more visible in Q4 2026 • Q2 churn in line with long-term average •
Slide 5: Competition impacted B2C, improving B2B, ISS behind the target
INTERIM REPORT Q2 2026 Competition impacted B2C, improving B2B, ISS behind the target Consumer Customers Corporate Customers International Software Services Revenue 0% Revenue -0.7% Revenue -0.6% - Mobile and digital services - Equipment sales Comparable +0.6% - Divestment - Traditional fixed (PSTN)
Slide 6: Solid progress in Estonia continues
INTERIM REPORT Q2 2026 Solid progress in Estonia continues Q2 2026 Revenue Revenue, €m YoY change, % • Revenue increased by 3% • Growth in mobile and fixed services 2,2% 3,3% 3,4% 3,1% -10,4% • Growth in equipment sales • EBITDA increased by 13% • Service revenue growth and accounting alignment 54,2
Slide 7: Focused on implementing the strategy
INTERIM REPORT Q2 2026 Focused on implementing the strategy Further emphasis on customer centricity and AI-enabled growth and productivity 7
Slide 8: 5G penetration grew, strong growth in fiber
INTERIM REPORT Q2 2026 – BUSINESS HIGHLIGHTS 5G penetration grew, strong growth in fiber Mobile upselling continues 5G smartphone and 5G subscription penetration1 • Stronger 5G penetration growth due to focused sales activity • Network coverage further improved in over 80 locations nationwide in Fin
Slide 9: First large scale data centre connectivity deals signed
First large scale data centre connectivity deals signed • Overall data centre market in Finland is growing • More projects materialising, ultimate market size depends on e.g. AI super-cycle development, electricity availability and cost, and regulatory environment • Finnish dynamics continue to be a
Slide 10: Strong demand for security solutions, delays in international software services
INTERIM REPORT Q2 2026 – BUSINESS HIGHLIGHTS Strong demand for security solutions, delays in international software services Home Services • Three new Elisa Viihde original series launched • New agreement with MTV, a Finnish commercial TV company deepening the collaboration and covering MTV’s conten
Slide 11: We'll keep making the world better.
We'll keep making the world better. Simply because we can. elise
Slide 12: Outlook and guidance for 2026
INTERIM REPORT Q2 2026 Outlook and guidance for 2026 (unchanged) • Revenue at same level as or slightly higher than in 2025 • Comparable EBITDA EUR 815 – 845m • CAPEX1 12% of revenue • Outlook and guidance assumptions • Economic and operating environment gradually improves during the year • Telecom
Slide 13: Financial review Q2 2026
Nise Financial review Q2 2026
Slide 14: Solid profitability despite a slight revenue decline
INTERIM REPORT Q2 2026 Solid profitability despite a slight revenue decline EUR million1 Q2/26 Q2/25 Change % 2025 Q2 2026 YoY revenue change -€2m Revenue 551 552 -2 -0% 2,257 Other operating income 2 3 -2 -53% 10 Materials and services -185 -181 -4 2% -786 552 0 4 -6 551 Employee expenses -111 -118
Slide 15: H1 CAPEX in line with guidance
INTERIM REPORT Q2 2026 H1 CAPEX in line with guidance • CAPEX: €95m (89), excl. licences, lease CAPEX1 agreements and acquisitions: €72m (76) CAPEX / sales1 % 13% 13% 14% 12% 11% • Consumer Customers €61m (57) • Corporate Customers €30m (31) • International Software Services €4m (1) 76 74 72 65 61 •
Slide 16: Cash flow affected by NWC change and interest costs
INTERIM REPORT Q2 2026 Cash flow affected by NWC change and interest costs • Comparable cash flow: €71m (113), -37% Cash flow and comparable cash flow, €m + Lower CAPEX Comparable - Higher paid interest costs and less favourable NWC development 113 125 compared to very strong previous year’s period
Slide 17: Efficient capital structure and solid returns
INTERIM REPORT Q2 2026 Efficient capital structure and solid returns • Capital structure according to target Maturities as of 30 June 2026, €m Bonds Loans RCF1 CP Loan facility • Net debt / EBITDA: 1.8× (target 1.5–2×) • Equity ratio: 39.1% (target >35%) • Return ratios at good level 146 • Efficient
Slide 18: Q&A
Q&A
Slide 19: P&L by quarter
APPENDIX P&L by quarter EUR million Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Revenue 550.8 548.4 588.3 560,6 552.4 555.8 579.7 535.9 541.4 YoY growth -0.3% -1.3% 1.5% 4.6% 2.0% 4.0% 2.9% -1.6% 1.6% Other operating income 1.5 1.8 1.9 2.8 3.3 1.6 2.6 1.1 1.8 Materials and services -184.9
Slide 20: Cash flow YoY comparison
APPENDIX Cash flow YoY comparison EUR million Q2/26 Q2/25 Change1 % 1-6/26 1-6/25 Change1 % 2025 EBITDA 196 196 0 0% 395 391 4 1% 764 Change in receivables 6 -5 11 -214% 42 45 -4 -8% 7 Change in inventories -2 3 -5 -171% -6 4 -11 -240% 13 Change in payables -5 33 -38 -115% -30 -16 -14 87% 25 Change
Slide 21: Cash flow by quarter
APPENDIX Cash flow by quarter EUR million Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 EBITDA 196 199 160 214 196 195 191 206 190 Change in receivables 6 36 -49 11 -5 51 -60 38 3 Change in inventories -2 -4 5 3 3 1 2 2 0 Change in payables -5 -25 49 -8 33 -49 45 -28 12 Change in NWC -1 7 5
Slide 22: Debt structure
APPENDIX Debt structure EUR million at the end of the quarter Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Bonds and notes 1,092 1,091 1,278 1,080 1,079 896 896 895 895 Commercial paper 62 40 90 108 210 312 307 191 230 Credit facility 0 0 0 0 0 0 50 0 40 Loans from financial institutions 30
Slide 23: Contacts
Contacts Mr Vesa Sahivirta Ms Kati Norppa Forward-looking statements: Statements made in this document relating to the future, vesa.sahivirta@elisa.fi kati.norppa@elisa.fi including future performance and other trend projections, are forward-looking statements. By their nature, forward-looking state